CEOs weigh in on banking crisis

Yahoo Finance is at the Milken Institute Global Conference 2023 in Beverly Hills, CA. We spoke with top CEOs and executives, including Citi CEO Jane Fraser, and others, to discuss the state of the market, private equity, the outlook for regional banking, and more.

As a result of the banking crisis, Apollo Global Management CEO Marc Rowan thinks that "people are going to have to figure out how to be good investors going forward."

Citi CEO Jane Fraser sees investors starting to pay more attention to the banking crisis, and hopes "that will act as an impetus to get this resolved in a bipartisan way."

Regarding the banking crisis, TD Cowen President Jeff Solomon believes that "this phase of any crisis is over."

(Disclosure: Apollo is the parent company of Yahoo Finance.)

Video highlights:

00:00:03 - Apollo Global Management (APO) CEO Marc Rowan

00:00:36 - Citi (C) CEO Jane Fraser

00:01:08 - TD (TD) Cowen President Jeff Solomon

Special Coverage:

Highlights, big interviews, and more from the Milken Institute Global Conference

影片文字紀錄

[AUDIO LOGO]

MARC ROWAN: People are actually going to need to figure out how to be good investors going forward and in a market that has adjustments, corrections, deviations, stresses, that's an Apollo market. You don't make long-term investments if you're measured quarterly. The whole notion or soundbite of private equity as ravaging businesses, was always that, just a soundbite.

We are $400 billion of private credit today, which sounds large, but I assure you, Jamie Dimon, Jane Fraser, Brian Moynihan, and Charlie Sharp, they don't wake up every day wondering what the mighty Apollo is doing. And I like that.

JANE FRASER: We're seeing starting to play out in treasuries, some of the pricing, there is rising concern here. We're starting to see the investors pay more attention to it. And I hope that will act as an impetus to get this resolved in a bipartisan way.

We're a bank on a mission. We're very clear about who we are. We are the preeminent banking [INAUDIBLE] for institutions with cross-border needs. We'll stop [INAUDIBLE]. There's no arrogance about people at Citi. We want to understand, help our clients, put the solutions they need and take pride in it.

JEFF SOLOMON: I think this phase of crisis is over. I don't think there's a whole bunch of others. If you look at what's happening in inflation, it's sort of saying that we're looking at some sort of a recession. How hard, how long, to be determined.

One of the primary reasons why TD bought Cowan, is our amazing research. Culturally, great alignment. A lot of work to be done understanding how to operate our business model inside a global systemically important bank. On the combined platform, where can we go? What are the things we can do? We have a full suite of products and opportunities in front of us. Let's pick and choose the ones where we can go out and take meaningful share.

[MUSIC PLAYING]